BlackRock Brings Ethereum-Based Share Classes to European Cash Platform

BlackRock has extended its Institutional Cash Series (ICS) platform to include tokenized share classes for European money market funds on Ethereum. This move brings blockchain access to BlackRock's $311 billion ICS platform, allowing approved institutions to transfer tokens between allow-listed wallets around the clock.

The new euro, sterling, and U.S. dollar money market fund share classes were introduced through JPMorgan's Kinexys Digital Assets, which connects traditional fund administration with Ethereum-based tokens. Each token mirrors one conventional fund share, and the transfer agent's register remains the authoritative ownership record.

Jon Steel, BlackRock's global head of product and platform for cash management, stated that demand is rising for high-quality reserve assets that can operate across traditional and digital markets. The launch expands BlackRock's tokenized cash strategy after two related U.S. products debuted on Aug. 3.